We would have a free small site with pp from my parents but we have a mortgage already for a house that is prob about 30 grand in neg equity. We can afford the payments fine and would prob keep this house while building the new one. The plan would then to hopefully remortage or release equity on the self build when completed as its value will have increased from beg of build and clear the neg equity on the original house and sell it.
Do you think this is possible? What I'd really like to know is would the bank give us another small self build mortgage although we have a mortgage already. Should it be an issue if we can afford 10% of self build mortgage as deposit and can show to afford the payments of both?
Do you think this is possible? What I'd really like to know is would the bank give us another small self build mortgage although we have a mortgage already. Should it be an issue if we can afford 10% of self build mortgage as deposit and can show to afford the payments of both?